PremierInvestor.net Newsletter Thursday 01-06-2005 section 1 of 2 Copyright (c) 2005, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: Market Wrap: Are We There Yet? Watch List: Oil, Tankers and Insurance Market Sentiment: See Note ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 01-06-2005 High Low Volume Adv/Dcl DJIA 10622.88 + 25.10 10667.58 10589.33 1.95 bln 1848/1364 NASDAQ 2090.00 - 1.20 2103.90 2088.03 2.20 bln 1536/1526 S&P 100 567.54 + 2.33 569.24 565.21 Totals 2384/2890 S&P 500 1187.89 + 4.15 1191.63 1183.23 SOX 402.14 - 2.10 408.68 402.08 RUS 2000 619.82 + 2.34 624.29 616.96 DJ TRANS 3667.12 + 13.58 3680.69 3652.84 VIX 13.58 - 0.51 14.09 13.33 VXO (VIX-O)14.17 + 0.20 14.69 13.89 VXN 20.13 - 0.05 20.26 19.76 Total Volume 4,435M Total UpVol 2,259M Total DnVol 2,107M Total Adv 3872 Total Dcl 3327 52wk Highs 96 52wk Lows 39 TRIN 1.53 NAZTRIN 1.34 PUT/CALL 0.77 ================================================================= =========== Market Wrap =========== Are We There Yet? by Jim Brown How often have you been asked that question on a long road trip? My email was full of that same question today as traders wanted to know if we had reached the rebound point. Was today's weak rebound the start of the January liquidity bounce? Are we there yet? Is it safe to go back into the water? Dow Chart Nasdaq Chart SOX Chart The short answer is maybe but I doubt that is what everyone wants to hear. The sharp sell off into the close put the fear back into the bulls and the market pundits were quick to suggest it confirms a new negative market bias. I am not yet ready to read the eulogy on the bull market and hopefully after you finish this commentary you will feel better about the rest of the week. The economics were mixed again with Chain Store Sales for December rising +2.7% and slightly better than the +2.4% analysts expected. Still nothing to brag about and the holiday season (Nov-Dec) rose only +2.3% and far less than the 4% gain last year. The holiday season only amounted to 22.2% of annual chain store sales and was the lowest on record. Meanwhile sales for the entire year rose +3.8% and nearly recovered to levels seen in 2000. The ICSC is projecting 2.5% to 3% growth for January. Wal-Mart posted +3% gains in December and projected +2% to +4% for January. Target, Zales and Pier 1 warned that expectations would not be met. Target said relying too heavily on special promotional discounts hurt profits. With the record online sales for the period it is not surprising that chain stores were struggling to meet their previous levels. There was a flurry of employment reports out today in advance of tomorrows Jobs data. The Hudson Employment Index dropped 1.3 points to 103.6 making the December number the lowest level of the year. Hudson said private firms were growing less confident in the recovery and were lowering expectations for future hiring. Only 35% of firms are now expecting to add employees, down -2 points from November. The Monster Employment Index fell to 113 and the lowest level since August. However this index is not seasonally adjusted and this could be a result of holiday layoffs. The Monster Index is +33% higher than Dec-2003 and some claim this shows a strong hiring cycle. I believe is shows a stronger use of online job shops over print ads and therefore a stronger index. I am sure hiring is higher than last year but I don't think the actual employment numbers support the higher Monster Index. Jobless Claims for last week surged to 364,000 and an increase of +42,000 over the prior week. This was the largest increase since March and the highest claims level since the 372,000 on September 25th. Analysts were quick to blame improper seasonal adjustments as the culprit once again. This may be true as we saw the same problems around the Thanksgiving holiday but all the employment reports are trending in the same direction. This could be a time for caution. The Challenger Layoff Report on Wednesday showed plans for 109,045 layoffs and the highest level since January. The planned layoffs have been over 100K for the last four months. Auto and Consumer Products accounted for the most of the cuts. Hiring plans also increased with 21,262 projected new jobs compared to only 18,740 in November. You can do the math. If we are averaging 100K in planned layoffs and 20K in planned hiring then the there is a net drain of 80K in jobs per month. This leads up to tomorrows Jobs Report. The current official forecast is for a gain of +200,000 jobs with whisper numbers ranging from 150K to 300K. As usual some of those analysts are on drugs with their far out projections. It would be good for consumers if we did blow away the official estimates with a 300K number but it will be very negative for the market. A very strong employment number would cause excessive rate fear and the interest rates would rocket higher. This would put pressure on stocks and pressure on the Fed to act quickly to suppress growth that is too rapid to be sustained. Personally I have not seen any of that growth but it may exist somewhere. Every economic report we have seen lately suggests the recovery is steadily moving higher but is still struggling. I believe the end of day drop in the major indexes was related to the flurry of negative employment indexes. The market is expecting that +200K or better in the Jobs Data tomorrow morning and there is a risk of a lesser number. Possibly much less. This Jobs fear kept traders from buying a weak bounce and probably pushed other longs back to the sidelines. If you really want to see the market move higher on Friday we need to see 150K jobs. This is a number that will not cause a great disappointment and also a number that will keep the Fed on its measured pace. Crude Oil Chart Oil prices exploded once again with crude closing up +$2 at $45.50 after the natural gas storage report showed a significant drop in inventory. Also, OPEC said its total daily production fell during December to 29.5mbpd, down -260,000bpd from November. They cited oil disruptions in Iraq as well as other problems in maintaining the flow. There is also another rumor they are not satisfied with the price holding around $42 for the last months and they may cut production by another million barrels on Jan-30th. I believe this is a concerted effort to manage expectations while they wait for further global production declines to raise the price and put them in a position of power. Remember the OPEC stranglehold in 1973? There is another shot being loaded in the coming oil wars. China's 3rd largest oil company, CNOOC, is in talks to acquire Unocal or at least the reserves owned by Unocal in Asia. CNOOC as well as the other Chinese oil companies are trying to acquire all the reserves they can and there appears to be an increasing pressure to do it quickly. CNOOC is rumored to be readying a bid of $13 billion for UCL with a plan to sell the UCL assets in the U.S. to somebody else for $5B. China is solidifying its ties with Russia in an effort to lock up oil and gas supplies for several decades in advance. China and Russia are also planning some joint military exercises soon. Does anybody but me see the sides being formed for the coming oil wars? Another interesting oil negotiation is underway between OPEC, Saudi Arabia and India. India currently imports 2.2mbpd from OPEC. They expect that demand to increase by 50% before 2010 but they have no storage or refinery capacity to support the additional demand. CNBC reported today that $800 billion, yes billion, would have to be invested to handle that demand by constructing storage, refinery and distribution locations in India. India wants OPEC/Saudi to invest the money with an eye towards locking in an OPEC/Saudi supply for the future. The idea is an $800B investment would force OPEC to keep supplying oil to recover the investment. Not surprisingly Saudi wants India to invest that money in building the assets in SAUDI ARABIA. They would then ship the refined fuel to India. What is wrong with this picture? Obviously it would be India out the money and the assets would be under Saudi control. If they wanted to nationalize them in future times of oil stress then India would just be out of luck and out of oil. Do you see how everything is pointing to a future game of brinksmanship? Recent government documents released from the time of the 1973 oil embargo revealed administration plans to invade Saudi, Kuwait and possibly Dubai in order to capture their oil assets and insure future U.S. oil supplies. Nixon was prepared to do it but they were able to resolve it peacefully. Do you think maybe OPEC countries have read those recent releases? Oil was $5 a barrel in 1973. Sorry, I got off the track there but I believe readers need to be aware well in advance of the potential problem ahead. Closer to our immediate future is the market direction. The bounce today was more of a relief rally than a rebound. The Dow managed to add +25 points but the SOX dragged the Nasdaq back to negative territory at the close. The Russell gave up nearly -5 points in its closing drop but still finished slightly positive. As I stated earlier I believe the majority of this afternoon selling was due to the impending Jobs report. If the report is positive we could have a chance for another bounce but the weak internals today suggest the selling may not be over. Next week begins the liquidity flow and funds may take Friday as their last chance to balance positions before dealing with that cash. Trimtabs is still expecting a large influx of cash and much of that cash is destined for ETFs, Exchange Traded Funds. Cash flows into ETFs in 2004 were more than three times the 2003 rate. This is not expected to change. Investors have found they can pick their own sector/market funds and jump in and out at will. With mutual funds having holding periods as a result of the fund scandal it limits exits. This suggests funds could see less cash than they previously expected with the rest going to ETFs. The market will benefit from either investment. With the Dow hovering just over 10600 we have risk to 10450 if that 10600 level breaks. The Nasdaq normally corrects about 5% in January and we are nearly there at the 2089 close. With the SOX the weakest link today the SOX support is critical for Nasdaq health. The SOX is resting on three different support lines at 400 and a break there could see a -20 point drop. Since it closed at the low of the day there is still appears to be some sellers leaning on that index. The Nasdaq has risk to 2050 and more than a minor dip in the SOX could setup a sharp drop in the Nasdaq. I would be a buyer at 2050 if it occurs. I would like to see a sharp drop on Friday to punctuate this week and put an end to the profit taking. Either way I am expecting next week to be positive. Earnings will officially begin with Alcoa, DNA and NT on Monday. Also check out GBX which reports on Monday. I found them when I was doing the research on the Oil Crisis Report. They make railcars and they are two years behind because of the demand for coal, oil/gas and commodity cars. One stock of note after the close was UTSI. The stock had crashed from over $22.50 on Tuesday to 20.50 just before the close. They warned that earnings would now be a loss of 40-45 cents compared to expectations of a penny profit. Last year they posted a Q4 profit of 52 cents. They said a slowing Chinese economy and a drop in capex spending by major carriers had hurt sales with revenue now expected to be $740-$775 million instead of the $875-$885 million previously predicted. The stock fell from 20.50 to 16.50 in after hours. For Friday I would watch the volume and the A/D line for signs the weakness is over. If we get a sharp dip I would be a buyer on expectations next week will see the bulls return to the market. Are we there yet? Ask me again in a week. Jim Brown Editor "You cannot stop people from thinking. The tough job is to get some people started." ================================================================== WATCH LIST ================================================================== The PremierInvestor.net watch list is not designed to be read as full fledged stock picks. Rather we would prefer to offer it as an extra tool in today's investor toolbox. Think of it as a radar screen with your own radar operator pointing out interesting developments, technical patterns or potential plays that you may or may not have seen on your own. Due to time constraints we do glance at the news but rarely do we have time to fully read pertinent news stories, due background research and other necessary screens that investors should do before making a decision. A common exercise is to read the entry, glance at the sector and other stocks in that industry and then compare what's happening in the stock to what's happening in the broader market indices. We hope you enjoy the Watch List and that it proves to be a useful tool for your own trading success. STOCKS WORTH WATCHING --------------------------------- Global Santa Fe - GSF - close: 33.92 change: +1.51 WHAT TO WATCH: Oil stocks got a bounce today with a 1.6 percent rally in the OIX and a 1.8 percent rally in the OSX index. GSF out performed both of them with a 4.6 percent rally on strong volume. Shares broke out over resistance near $33 to hit new two-year highs. This looks like a bullish entry point. The P&F chart shows a triple-top breakout buy signal with a $49 target. --- Teekay Shipping - TK - close: 42.15 change: +1.70 WHAT TO WATCH: TK is one of the shipping/oil tanker stocks. Shares have consistently sold off since peaking in late November. Yet now the decline is stalling as TK tries to bottom near the $40.00 level and its 200-dma's. Technicals are starting to turn more bullish. Look for a bounce back over $43 or $44 as an aggressive bullish entry point. --- Marsh & Mclennan - MMC - close: 31.68 change: -1.02 WHAT TO WATCH: We were surprised when MMC did not see any tax loss selling during the last couple of weeks of December. Yet that relative strength may be fading. The very overbought MACD has just produced a new sell signal with today's three-percent decline. The first level of support is the $30 region but a breakdown there could lead toward a decline to $26.50. --- QLogic Corp - QLGC - close: 33.50 change: -2.00 WHAT TO WATCH: QLGC had held up relatively well the last few weeks with the stock churning sideways instead of falling with the SOX index. That relative strength failed today. Shares lost 5.6 percent on very heavy volume to break support at the $35 level and its 50-dma. It wouldn't surprise us to see QLGC consolidate toward the $30 level. ----------------------------------- RADAR SCREEN - more stocks to watch ----------------------------------- NSC $36.41 +0.52 - Momentum traders may want to check out railroad stock NSC as it nears another high. FRO $44.86 +1.76 - FRO is another shipping/oil tanker stock that is bouncing from support near $40 and its 200-dma. EXM $22.60 +0.95 - We would watch EXM for a bounce through the $25 level or a breakdown under $20.00 and its 200-dma. MXRE $21.60 +0.51 - MXRE is breaking out to new six-month highs. Shares could run toward the $23 level. =============================== Market Sentiment =============================== Please look for the sentiment commentary to continue on Sunday. The normal contributor to this column is ill. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10868 52-week Low : 9708 Current : 10622 Moving Averages: (Simple) 10-dma: 10745 50-dma: 10521 200-dma: 10269 S&P 500 ($SPX) 52-week High: 1216 52-week Low : 1060 Current : 1187 Moving Averages: (Simple) 10-dma: 1202 50-dma: 1181 200-dma: 1130 Nasdaq-100 ($NDX) 52-week High: 1635 52-week Low : 1301 Current : 1557 Moving Averages: (Simple) 10-dma: 1601 50-dma: 1573 200-dma: 1463 ----------------------------------------------------------------- CBOE Market Volatility Index (VIX) = 13.58 -0.51 CBOE Mkt Volatility old VIX (VXO) = 14.17 +0.20 Nasdaq Volatility Index (VXN) = 20.13 -0.05 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.80 776,205 617,900 Equity Only 0.67 650,675 436,787 OEX 1.04 21,385 22,364 QQQQ 0.83 59,514 49,315 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 74.3 - 1.9 Bear Correction NASDAQ-100 75.0 - 5 Bull Confirmed Dow Indust. 73.3 + 0 Bull Confirmed S&P 500 75.6 - 1.4 Bull Confirmed S&P 100 76.0 - 2 Bull Confirmed Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 1.41 10-dma: 1.04 21-dma: 1.04 55-dma: 1.00 Extreme readings above 1.5 are bullish, and readings below .85 are bearish. These signals don't occur often and tend be early, but when they do, they can signal significant market turning points. ----------------------------------------------------------------- Market Internals -NYSE- -NASDAQ- Advancers 1608 1514 Decliners 1200 1507 New Highs 58 47 New Lows 22 26 Up Volume 1164M 922M Down Vol. 742M 1239M Total Vol. 1936M 2178M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 12/21/04 Weekly COT report discloses positions held by small specs and commercial traders of index futures contracts at the Chicago Mercantile Exchange and Chicago Board of Trade. COT data can be found at www.cftc.gov. Small specs are the general trading public with commercials being financial institutions. Commercials are historically on the correct side of future trend changes while small specs tend to be wrong. S&P 500 Commercial traders are growing more bearish while small traders are naturally moving the other direction and growing more bullish. Commercials Long Short Net % Of OI 11/30/04 462,394 491,813 (29,419) (3.0%) 12/07/04 450,072 498,057 (47,985) (5.0%) 12/14/04 502,471 540,494 (38,023) (3.6%) 12/21/04 455,238 502,538 (47,300) (4.9%) Most bearish reading of the year: (111,956) - 3/06/02 Most bullish reading of the year: 23,977 - 12/09/03 Small Traders Long Short Net % of OI 11/30/04 176,031 148,876 27,155 8.3% 12/07/04 187,707 135,776 51,931 16.0% 12/14/04 201,428 164,111 37,371 10.2% 12/21/04 157,015 106,205 50,810 19.2% Most bearish reading of the year: (1,657)- 5/27/03 Most bullish reading of the year: 114,510 - 3/26/02 E-MINI S&P 500 There has been a dramatic reduction in open positions for both longs and shorts for both the commercial traders and small traders. The net result has produced an increase in bearishness for professionals and an increase in bullishness for small traders. Commercials Long Short Net % Of OI 11/30/04 439,074 855,440 (416,366) (32.2%) 12/07/04 470,553 805,234 (334,681) (26.2%) 12/14/04 556,980 899,616 (342,636) (23.5%) 12/21/04 279,694 554,818 (275,124) (32.9%) Most bearish reading of the year: (436,367) - 11/23/04 Most bullish reading of the year: 133,299 - 09/02/03 Small Traders Long Short Net % of OI 11/30/04 386,665 67,926 318,739 70.1% 12/07/04 311,838 66,496 245,342 64.8% 12/14/04 398,915 137,598 261,317 48.7% 12/21/04 227,047 66,140 160,907 54.8% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Hmm... we are seeing a dramatic reversal for both commercial and small traders. Commercials have significantly cut their long positions reversing their bullishness into bearishness for the NDX. Small traders have drastically reduced their short positions to flip-flop them from net bearish to net bullish. Commercials Long Short Net % of OI 11/30/04 56,629 30,571 26,058 29.8% 12/07/04 57,621 34,313 23,308 25.4% 12/14/04 73,554 50,286 23,268 18.7% 12/21/04 30,614 45,158 (14,544) (19.1%) Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 26,058 - 11/30/04 Small Traders Long Short Net % of OI 11/23/04 11,153 39,712 (28,559) (56.1%) 11/30/04 9,902 44,779 (34,877) (63.7%) 12/07/04 15,489 49,064 (33,575) (52.0%) 12/14/04 26,781 58,159 (31,378) (36.9%) 12/21/04 20,840 9,109 11,731 39.1% Most bearish reading of the year: (34,877) - 11/30/04 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Commercial traders have suddenly become a lot more bearish on the Dow Industrials. Meanwhile small traders have significantly cut their positions on both sides of the trade. Commercials Long Short Net % of OI 11/30/04 22,622 25,411 (2,789) (5.8%) 12/07/04 25,523 27,351 (1,828) (3.4%) 12/14/04 36,960 38,566 (1,606) (2.1%) 12/21/04 24,850 31,920 (7,070) (12.4%) Most bearish reading of the year: (8,322) - 1/16/01 Most bullish reading of the year: 15,135 - 10/16/01 Small Traders Long Short Net % of OI 11/30/04 5,739 8,536 (2,797) (19.6%) 12/07/04 5,274 9,507 (4,233) (28.6%) 12/14/04 13,445 19,089 (5,644) (17.3%) 12/21/04 5,637 6,961 (1,324) (10.5%) Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright ) 2005 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 01-06-2005 section 2 of 2 Copyright (c) 2005, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section two: Stop Loss Adjustments: VSEA, STJ, ACI, BMS Stock Splits Announcements: None Trading Ideas Value Plays With Bullish Signals Breakout to Upside (Stocks $5 to $20) Breakout to Upside (Stocks over $20) Breakout to Downside (Stocks over $20) Recently Overbought With Bearish Signals (Stocks over $20) ================================================================== Stop Loss Adjustments ================================================================== VSEA - tech stock short - VSEA continues to sink lower and we're going to adjust our stop loss to $34.49, just over the 200-dma. STJ - non-tech long - Danger! Bulls need to be careful here. The stock has broken round-number support at $40.00 and its 50-dma. More conservative traders may want to exit altogether. ACI - non-tech long - We're still waiting for the bounce from long-term technical support at the 200-dma. We would not open any new plays until we saw that bounce occur. BMS - non-tech long - Today's bounce from the $28.00 level and its simple 50-dma could be a new bullish entry point. Look for some follow through before considering new positions. ================================================================== Stock Splits ================================================================== None ================== Trading Ideas ================== This section contains stocks that meet criteria which may make them of interest to long and short side traders. These are not recommendations, nor have they been reviewed by PremierInvestor editors for investment potential. However, each of them has technical and fundamental characteristics that make them worthy of further review by traders and investors looking for fresh ideas. New stocks will appear daily following the market close. Value Plays With Bullish Signals --------------------------------- Value Plays With Bullish Signals --------------------------------- Ticker Company Name Close Change MWD Morgan Stanley 56.28 +1.30 DB Deutsche Bank 87.85 +1.95 KRB MBNA Corp 28.24 +0.64 GS Goldman Sachs 105.23 +1.43 MER Merrill Lynch 58.66 +0.57 CAH Cardinal Health 56.35 +0.92 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- FINL Finish Line 19.91 +1.15 SMRT Stein Mart Inc 18.59 +1.33 GERN Geron Corp 9.37 +1.38 RATE Bankrate Inc 14.53 +1.43 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- UCL Unocal Corp 44.34 +3.15 MGG MGM Mirage Inc 76.69 +4.29 GSF Global Santa Fe 33.92 +1.51 CHIR Chiron Corp 35.96 +1.16 BLK Blackrock Inc 80.00 +5.15 BRL Barr Labs 46.90 +1.59 ACV Alberto-Culver 50.51 +1.79 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- HHH Internet Holders 66.21 -1.79 EBAY Ebay Inc 106.18 -4.72 TGT Target Corp 48.50 -2.78 BBY Best Buy Co 55.50 -2.55 SYMC Symantec 23.18 -1.86 AT Alltel Corp 56.00 -2.00 MFE Network Associates 25.15 -1.48 QLGC QLogic 33.50 -2.00 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ----------------------------------------- MMC Marsh & Mclennan 31.68 -1.02 BDK Black & Decker 83.47 -1.88 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright (c) 2005 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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